Why you should start your Walworth lease extension

Why you should start your Walworth lease extension today:

A Walworth lease depreciates with the years remaining on the lease.

The nearer a residential lease in Walworth nears to zero years unexpired, the more it reduces the value of the property. If the lease has, beyond 125 years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has under than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should extend the lease without delay. Most flat owners in Walworth will meet the qualifying criteria; however a conveyancer will be able to advise whether you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

Walworth property with a lease extension is almost the same value as a freehold

It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to issue a mortgage with a short lease

Most mortgage lenders have constrained their lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly under seventy years as they are deemed to be inadequate security.

Why use us for your lease extension in Walworth?

Irrespective of whether you are a tenant or a landlord in Walworth,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Walworth valuers.

Walworth Lease Extension Example Cases:

Kayleigh, Walworth, South East London,

Off the back of unsuccessful discussions with the freeholder of her one bedroom flat in Walworth, Kayleigh started the lease extension process just as her lease was coming close to the all-important eighty-year threshold. The lease extension completed in October 2012. The landlord’s charges were negotiated to approximately 700 pounds.

Walworth case:

In 2010 we were e-mailed by Dr F Hill who, having completed a one bedroom apartment in Walworth in August 2012. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by ninety years. Comparative homes in Walworth with an extended lease were worth £255,000. The mid-range amount of ground rent was £50 billed annually. The lease termination date was in 2096. Given that there were 70 years left we calculated the compensation to the landlord to extend the lease to be between £10,500 and £12,000 plus fees.